May 5, 2009
I would hope that this administration would reinstitute the Uptick Rule.
Over the last year the individual investor has suffered exaurated loses due in part to the elimination of this rule. It is apparent the short sellers have taken advantage of this lack of control and decimated the small investor. Billions of dollars were lost in just IRA and 401K accounts due to naked short sales.
After being in place for over 70 years,you have allowed hedge funds and institutions to take control the market place. This is just like the pre depression era. A few people with little or no money invested in the stocks, are controling the markets.
In order to restore investor confidence in the market place you need to reinstate the Uptick Rule.